Silver four hour chart with 20 period SMA Shows the strength of this trend. Price unable to trade above this level.

Price is also moving down in a channel unless price trades above the resistance line of the channel. Trend will continue to be strong on the down side.

Price is also testing a crucial support line in weekly chart. If the line does not hold then the correction will extend. Bulls of silver should hope for a false violation of the support line followed by an up move.

First chart is the daily time frame with Death and Golden crosses. Towards the left side of the chart we can see a death cross and a trending up move which went above 50 and 200 SMA But the death cross was still intact and went on to perform well for bears. Now we have a Golden cross and a similar trending move which is below 50 and 200 SMA. If this move does not trade below 80% Retrace level we may see an up move anything more than that may lead to a complete reversal and a failed Golden cross.

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"All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis."—Jesse Livermore